HIG Capital has provided new financing to Amerplast Group, a pan-European flexible packaging manufacturer backed by private equity firm Chiltern Capital. The five-year unitranche term loan refinances Amerplast’s existing debt and is intended to support continued investment in production capabilities and sustainability initiatives.

Amerplast operates five manufacturing facilities across Finland and the United Kingdom, supplying flexible packaging products to food and beverage, bakery, hygiene, retail, and industrial customers. The company employs approximately 470 people and maintains long-term supply relationships with multinational consumer goods companies.

HIG Capital, founded in 1993 by co-CEOs Sami Mnaymneh and Tony Tamer, operates Bayside Capital as its special situations and capital solutions platform. The business focuses on providing flexible debt structures to middle-market companies that require alternatives to traditional bank financing or syndicated loan markets. Across its strategies, HIG Capital manages approximately $74 billion.

“Amerplast has undergone a significant operational transformation in recent years, investing heavily in facilities, technology, sustainability, and product innovation,” said Matt Enright, chief financial officer of Amerplast. “We are delighted to partner with Bayside for this next phase of growth.”

Flexible Packaging Market Positioning

Flexible packaging includes materials such as films, pouches, and bags that can be molded or shaped, in contrast to rigid containers made from glass, metal, or hard plastics. The category has steadily gained share due to lighter weight, lower transportation costs, and reduced material usage.

Food producers are among the largest users of flexible packaging, with applications ranging from snack foods and coffee to frozen products and pet food. Packaging performance plays a critical role in preserving product quality, as barrier properties protect contents from moisture, oxygen, and light exposure.

Amerplast focuses on technical packaging applications that require specific barrier performance, printing quality, or mechanical characteristics. These requirements differentiate its products from commodity films and support premium pricing. They also create customer switching costs, particularly where packaging materials are integrated into regulated food production processes.

The company has invested in sustainability-focused product development as customers respond to regulatory requirements and consumer expectations. This includes recyclable mono-material structures designed to replace multi-layer films that are difficult to recycle, as well as selective use of recycled content where regulations allow.

Mathilde Malezieux, managing director at Bayside Capital Europe, cited Amerplast’s positioning in attractive end markets. “Amerplast is a high-quality, innovative, and resilient business with strong market positions and a clear sustainability-led value proposition,” she said.

Refinancing and Private Credit Dynamics

Refinancing transactions allow companies to replace existing debt with new facilities that may extend maturities, improve flexibility, or support growth initiatives. In Europe, private credit providers have become increasingly active in this market as banks retrench from certain types of middle-market lending.

Unitranche facilities combine senior and subordinated debt into a single loan structure, simplifying capital arrangements and reducing execution complexity. These structures have become common in European middle-market financings over the past decade.

Amerplast’s refinancing follows a period of operational investment and performance improvement. The company has delivered consistent earnings growth despite volatility in raw material costs and elevated energy prices affecting European manufacturers.

The five-year maturity provides visibility and stability through 2030, allowing management to focus on operational execution rather than near-term refinancing risk. Financial terms, including pricing and covenant details, were not disclosed.

Chiltern Capital acquired Amerplast with a strategy focused on strengthening operations and positioning the business for long-term growth within a fragmented European packaging market. The refinancing supports that strategy by aligning the capital structure with the company’s current scale and objectives.

European Manufacturing Environment

Flexible packaging manufacturers in Europe face ongoing challenges, including energy cost volatility, labor market constraints, and fluctuations in petroleum-based raw material prices. Producers must actively manage pricing, procurement, and operational efficiency to protect margins.

Amerplast’s technical focus and customer relationships provide some insulation from these pressures. Long-term supply contracts with blue-chip customers offer revenue visibility, while specialized capabilities limit direct competition from lower-cost producers without equivalent technical expertise.

The company is led by chairman David Lennon, chief executive Mark Rooney, and chief financial officer Matt Enright. The management team brings experience across European packaging and manufacturing businesses.

“This new financing partnership provides a stable and flexible capital structure that enables us to continue delivering for our customers and executing our long-term growth plan,” Enright said.

Bayside Capital Platform and Strategy

HIG Bayside Capital Europe operates as part of HIG Capital’s broader credit platform, which has deployed capital across refinancings, recapitalizations, acquisition financings, and growth capital situations. The platform focuses on transactions that benefit from customized structures and execution certainty.

Bayside’s investment teams operate across Europe and North America, evaluating opportunities in manufacturing, business services, healthcare, and technology. The platform benefits from HIG Capital’s scale and sector expertise, developed over decades under the leadership of Sami Mnaymneh and Tony Tamer.

Malezieux emphasized the rationale behind the investment. “The company has demonstrated consistent EBITDA growth, supported by a disciplined commercial model and an engaged management team,” she said. “Our capital solution positions Amerplast for its next phase of expansion.”

Consolidation and Growth Outlook

European flexible packaging remains fragmented, with consolidation accelerating as customers favor suppliers capable of serving multiple markets and meeting sustainability requirements. Private equity-backed platforms have pursued acquisitions to build scale and broaden capabilities.

Amerplast’s updated capital structure provides flexibility to pursue organic growth initiatives and, if appropriate, selective acquisitions. Existing facilities and customer relationships could support expansion into adjacent markets or geographies.

Sustainability continues to play a central role in supplier selection. Consumer goods companies increasingly require progress on recyclability, recycled content, and environmental performance across their supply chains.

The refinancing closed in January 2026, positioning Amerplast with a stable capital base as it navigates uncertain European economic conditions. Management plans to focus on operational execution, customer service, and targeted investments that strengthen competitive positioning.

For HIG Capital and its Bayside platform, the transaction reflects continued deployment of capital into middle-market companies with strong fundamentals, transformation momentum, and clear paths to value creation.